I'm trying to help a friend. This is for an early/mid 1980s Mercedes ???SL, with fewer than 60K miles. The car is rarely driven, maybe once a month.
Currently the car has regular car insurance, but it's unclear how much the benefit would be if it were totaled or stolen. With the classic/antique car insurers, you get to set the value of the car as a classic, which is likely much more than the regular insurers would offer in the case of a total loss.
I've checked Hagerty and a couple of others and they all require that the car be parked in a private garage or storage unit. Currently it is in the parking garage of a condominium and they won't insure it this way.
I know there are many other insurers who would insure this car, but before I do an exhaustive search, I was wondering if anyone has any advice.
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posted: Sep. 13, 2016 @ 4:16p
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Sep. 13, 2016 @ 5:31p
posted: Sep. 13, 2016 @ 5:29p
The rules for collector/classic car insurance are all fairly similar. After a fair amount of time and research with quotes and comparing coverage, I ended up with Grundy. They were the easiest to work with and seemed to have the least stringent rules. My grandpa has also used them for over 15 years, however, no claims filed by either of us to this point.
With that said, I think your friend will have a tough time insuring something in what is essentially a public parking area (condo). Also keep in mind that they need another car that it is within 10 years (or less- depending on the company) as their "daily driver".
samko said: tennis8363, thanks for the info. Might want to check with his insurer for "stated value" insurance. This would allow them to set a value that would pay out, rather than the NADA/KBB Values.
I've used Condon and Skelly for over 30 years. Don't recall if a garage is required, at least for comprehensive, didn't have one years ago and even now I don't at my house. But that begs the question why pay for comp on older car your don't use much?
I've had my classic american muscle car insured with www.americancollectors.com for the past 10 years. I have an "agreed value" policy, which is better than "stated value." I pay about $300 a year for an agreed value of $15,000. I can only drive it to car shows and auto club functions. I just recently got quotes for this car from all the big players, American Collectors was still the cheapest.
theblenny said: atikovi said: But that begs the question why pay for comp on older car your don't use much?
Act of God, tree falls on it, garage burns up, asteroid hits it, stolen, vandalized....so on and so forth.... True for a more expensive car, but OP was referring to a couple thousand dollar 80's Merc. Few FW's would insure that.
tennis8363 said: samko said: tennis8363, thanks for the info. Might want to check with his insurer for "stated value" insurance. This would allow them to set a value that would pay out, rather than the NADA/KBB Values.
You'll want to find a policy that offeres "agreed value". Agreed value pays the amount that is agreed to by the insurance company and policy holder.
All stated value does is let insure something for less than ACV. Stated value usually pays the lesser of the stated value or ACV.
I've used Grundy for years, they have always come out the cheapest for our 66 Cutlass. I'm allowed to drive it to car shows and the mechanic, and it's agreed value. I've had to use their towing benefit before, and I can tell you it's crazy easy. I just e-mail them a copy of the receipt, and include the Insured's name and Policy #. A check shows up less than a week later, no questions, no paperwork, nothing!
Not sure of the garage requirement, b/c we do keep ours garaged.
Does the condo consider their garage public or private? If it's enclosed with somewhat limited access I'd go with yes, it's an enclosed private garage and leave it at that. By the way, I have Hagerty. They've upped my agreed value a couple times without me asking and over the years the rates have increase only slightly. Also, they're not overly restrictive on use and my 19 year old son is covered to drive the car with no rate increase nor questions asked.
A few years ago when I inquired with my State Farm agent, he said he would be able to provide me with such a policy. The vehicle would have to be garaged though. He gave me some examples of cars that his other customers had and the rates were really inexpensive-- something like 1/10th of the price for me to have regular insurance on the vehicle.
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